Amit Kumar resigned from his position as managing director and chief executive officer of Sobek Auto India Private Limited, an unlisted, wholly owned material subsidiary company also known as OLX India, according to a statement released by CarTrade Tech Limited.
In order to pursue new opportunities, Kumar will step down with effect from January 31, 2025, as per the company’s official disclosure to the BSE and NSE.
Vinay Sanghi, the chairman of OLX India, and the company’s leadership team will supervise the leadership change.
“It has been a great experience in the last year and a half transitioning OLX India from the previous investors to the Car trade group. I do believe that now we have reached our destination of stabilizing the company with the car trade philosophy and principles ingrained into OLX India’s DNA. In this journey, we reached our mission of making OLX India a profitable business…” said Kumar in an email to the CarTrade Group members.
In early 2024, Kumar, who had joined OLX Group in 2017, was promoted to MD and CEO. In a deal valued at Rs 537 crore ($64 million), the car classifieds website CarTrade purchased OLX India’s auto division in July 2023.
The development follows the Q2 results of the CarTrade group. The company’s consolidated revenue from operations climbed from Rs 120.01 crore to Rs 154.2 crore, a 28% year-over-year increase. Moreover, its profit after tax (PAT) increased by over 509% from Rs 5.04 crore in Q2 FY24 to Rs 30.72 crore in Q2 FY25.
